To amend the Congressional Budget Act of 1974 to minimize the impact on State and local governments of unexpected provisions of legislation proposing the imposition of large unfunded costs on such governments, and for other purposes.

Amends the Congressional Budget Act of 1974 to provide that it shall not be in order for either House of Congress to consider any legislation which would impose any requirement on State or local governments which is likely to result in an annual cost to such governments of $50,000,000 or more for any particular program, project, or activity, except for legislation which complies with any sequestration order issued under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

Requires the report of the Committee on the Budget of each House accompanying the concurrent resolution on the budget to identify changes in Federal aid programs for State and local governments on a program-by-program basis.